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Real Estate

COVID-19: Here's How Pandemic Has Changed Real Estate Market, New Report Says

The real estate market has been upended by the COVID-19 outbreak, which led to a mass exodus from New York City nearby suburbs.
The real estate market has been upended by the COVID-19 outbreak, which led to a mass exodus from New York City nearby suburbs. Photo Credit: Pixabay

The real estate market has been upended by the COVID-19 outbreak, which led to a mass exodus from New York City nearby suburbs.

In the past four months, thousands of city residents flooded to suburbs on Long Island, Fairfield County, Westchester, and northern New Jersey, which has made those areas an attractive destination for buyers.

According to a New York Times report, it has become a “seller’s market,” with multiple competing offers for many homes that may not have drawn as much attention pre-pandemic.

The demand for single-family rentals has also skyrocketed in the wake of COVID-19.

“This was a life-altering series of events which likely made an indelible mark on everyone’s psyche, not unlike what happened after the Great Depression,” a New Jersey realtor said. “That experience put an imprint on peoples’ minds that shaped their lives for decades to come. Possibly this is one of those events.”

The report also found that homes on multi-acre lots in the “backcountry” have become more popular, with buyers looking for large outdoor spaces and swimming pools amid the pandemic.

The pandemic has also led to buyers making certain concessions they may not have pre-COVID-19, such as dated kitchens or bathrooms in a home that has additional land, a swimming pool, or other amenities.

According to the report, the market for single-family rentals in the suburbs continues to be “red hot” with renters spending as much as $7,000 monthly in the more affluent areas.

“The rush to get into a house is causing many deals to be driven more by emotion than the usual business-minded pragmatism at the higher end,” agents said in the report. “Many buyers in competitive price ranges aren’t even looking at comps — comparable properties that sold within the last six months — when deciding how much to offer on a home.”

The complete New York Times report can be found here.

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